Understanding Your Nectar Money Quote: What to Expect

When you’re exploring your options for a loan, it’s natural to want to know what you might be able to borrow and at what rate. At Nectar Money, we provide various tools to help you get an idea of your borrowing potential. However, it’s essential to understand how these tools work and what they mean for your final offer.

The Calculator: A Starting Point

The online calculator is designed to give you a rough estimate of what you might expect when it comes to borrowing. It uses typical rates and terms, such as 9.95% to 29.95% and 6 months to 5 years months. This means that while the calculator can provide a helpful ballpark figure, it’s important to remember that it is just that—a guide.

Personalised Online Quote: More Accurate, But Still Subject to Change

Once you’ve used the calculator, you can move on to getting a personalised online quote. Getting a personalised quote takes about 7 minutes. This step is more tailored to your situation and is based on the information you provide, along with a soft credit check and digital review of your banking information. This means we’re looking at your financial profile to give you a more precise estimate of what you might qualify for.

At Nectar Money we provide an interest rate, maximum borrowing amount and repayment options (i.e. term of the loan) as part of the quote. Most other lenders providing a quote will only provide a interest rate.

While we try to make the offer as accurate as possible, even this personalised quote is not set in stone. It’s a reflection of the information provided, but until we conduct a full verification, it’s still subject to change. The most often happens when information provided is incorrect or there is missing information, so its important you provide accurate information during the quote process.

Getting a quote does not effect your credit score.

The Final Offer: What You Need to Know

The final offer is where things become official. After you’ve received your personalised quote, we’ll conduct a thorough verification process. This involves a detailed assessment of your financial situation and creditworthiness. Ensuring you can meet repayments is an important part of this process. It’s during this stage that we may discover incorrect or new information that could affect your offer.

We strive to keep the journey consistent and transparent and meet our responsible lending obligations. We will discuss with you if any changes are required.

Why Might Your Offer Change?

There are several reasons why your final offer might differ from your initial calculator result or personalised quote:

• Credit History: If your credit report reveals issues that weren’t apparent during the soft check, this could impact your offer.
• Income and expense Verification: If your income or expenses differ from what you initially provided, this can also affect the amount you’re offered.
• Other Considerations: As a reponsible lender we are required to ensure the loan meets your requirements. If we assess the loan does not meet your requirements, or is unaffordable, we will discuss with you.

At Nectar Money, we understand that this process can be complex, and we want to ensure you are informed every step of the way. Our goal is to provide you with a accurate offer based on your personal circumstances.

Final Thoughts

While the calculator and personalised quote are helpful tools in your borrowing journey, they are not definitive. The final offer is the result of a thorough and careful evaluation of your financial situation.

At Nectar Money, we are committed to transparency and communication throughout this process. If you have any questions or concerns about your quote or offer, don’t hesitate to reach out to our friendly team. We’re here to help you navigate your financial journey with confidence.